UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Yelp Following 3Q14 Report

In a report published Thursday, Credit Suisse analyst Stephen Ju reiterated an Outperform rating on Yelp YELP, but lowered the price target from $93.00 to $85.00. In the report, Credit Suisse noted, “YELP reported 3Q14 with revenue $102.5m vs. guidance $98m-$99m and cons/CS estimates $98.0m/$99.9m. Active local business accounts grew to 86k vs. our 90k estimate, while ARPU was $343 vs. CS $331. We maintain our Outperform rating and our target price is now $85 (vs. $93 prior). FY15 Adj. EPS is now $1.55 vs. $1.46 prior.” Yelp closed on Wednesday at $70.23.